Five Star Bank is currently offering a 13-month Premier CD Special earning 2.80% APY. The minimum deposit is $500 and is capped at $250k. A new or existing Premier Checking Account is required to open the 13-month Premier CD Special.

The Premier CD Special is also available as an IRA, earning the same APY with the same funding and checking relationship requirements.

According to CSR, the Early Withdrawal Penalty is all earned interest.

Premier Checking Account

The Premier Checking Account was added to the product line about six months ago. The current rate tiers are,

0.10% APY on balances between $0.01 - $24,999.99

0.20% APY on balances between $25,000.00 - $49,999.99

0.25% APY on balances of $50,000.00 or more

APY

MIN

MAX

INSTITUTION

PRODUCT

DETAILS

0.12*%

$50k

-

Five Star Bank

Premier Checking

OTHER TIERS: 0.05% → Up to $25k | 0.10% → $25k - $50k

Rates as of June 6, 2020.

The minimum opening deposit is $25. While there is a $22 monthly service fee, it will be waived if the account has,

A combined total consumer deposit accounts and/or loan balances of $25,000 or more at the end of the activity period,

OR

Direct deposits totaling at least $5,000 into the account during the activity period.

$150 Premier Checking Bonus

The $150 bonus is available for new Premier Checking Accounts opened online now through December 31, 2018. A direct deposit into the new account must be established “within 60 days from the last day of the month the account was opened.” Existing Five Star Bank consumer checking customers or NOW account holders are not eligible for this bonus. Individuals who have closed a Five Star Bank checking account within the past 12 months or closed an account with a negative balance do not qualify for the bonus. The bonus will be deposited into the new account “within 90 days from the last day of the month the account was opened.” There is a limit of one bonus per customer.

Many thanks to the DA reader who let me know about Five Star Bank's latest deal.

Availability

Headquartered in Warsaw, New York, Five Star Bank’s market area covers western New York State.

Opening a Premier Checking Account can be done in-branch, but to qualify for the $150 bonus, the Premier Checking Account must be opened online.

Bank Overview

Five Star Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.04% (excellent) as of March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $165.62 million, an excellent annual growth rate of 5.76%. Please refer to our financial overview of Five Star Bank (FDIC Certificate # 659) for more details.

Established in 1881 as the Salamanca Trust Company, Five Star Bank is currently New York State’s 25th largest bank, with assets in excess of $4.1 billion. Bank has seen two name changes, with the first happening in 1996 (First Tier Bank & Trust). The latest rebrand occurred in 2005, following the acquisition of three western New York State banks (Bath National Bank, Wyoming County Bank, and National Bank of Geneva) and the relocation of Bank’s headquarters to Warsaw.

How the Premier CD Special Compares

When compared to the 268 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available in western New York State, Five Star Bank’s 13-Month Premier CD Special APY currently shares the top spot with United Texas Bank’s 12-month CD APY.

The above rates are accurate as of 8/15/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Nice rate of return on the CD. But the requirement to open a checking account subjects depositors to a hard pull for certain. I cannot tolerate that hit to my credit score right now. I'm fighting for every last point.

I'm trying to understand why a hard pull is such a big deal for you if you have extra money to put in a CD?

How much does a hard pull hurt? 3-10 points or something? I really could not care less if my score goes down 50 points because 828 or 778 really don't make a difference for me.

Do you have a poor score and are you financing a house soon? Because otherwise, I can't see what it matters. Are you buying CDs when you should be paying off Debt instead?

I just did a simulation at CK and while it did not have a hard pull from a bank account, I picked open a new credit card with a $10k limit and it said it would hurt my score 3 points. I picked have a credit app denied and it said the same, 3 points.

If you're denied credit, your score may go down because of a new hard inquiry on your credit report. The effects of one inquiry are generally minor, but getting denied by multiple lenders in a short time period could affect your score more noticeably. The negative effects of hard inquiries will usually fade after a year, though.

I simulated a new $25k personal loan and the hit was 11 points.

Getting a new personal loan may cause your score to drop temporarily because it adds a hard inquiry and lowers your average age of credit history.With on-time payments, the negative effects usually wear off. Your score may even benefit from the new personal loan in the long term.----

Why should any credit report be used solely for identification AND when applying to be only a creditor! Removing freeze by snail mail is a side issue too. The credit agency see $ fees and have convinced institutions to get a credit report! I’ve refused and I provided required id and opened several CDs!

Five Star Bank has added an 8-month CD Special that earns 2.00% APY. The minimum deposit is $500 of new money, with a balance cap of $250k. A TotalValue Premier Checking account, which is a variable rate account, is...

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